Posted on: 03rd Nov, 2011 11:51 pm
While shopping for a mortgage, I find that there are longer as well as shorter mortgage terms available in the market. Which one is better for me?
Hi Jeremine,
Short mortgage terms may have a high rate compared to the longer mortgage terms. This is because the time period to pay off the loans will be less in case of a short mortgage term and more in case of a long mortgage term. If you plan to sell off the property early, then it better to go for a short term mortgage. If you're looking for a security as a first time home buyer, then it will be better to go for a long term mortgage.
Take care.
Short mortgage terms may have a high rate compared to the longer mortgage terms. This is because the time period to pay off the loans will be less in case of a short mortgage term and more in case of a long mortgage term. If you plan to sell off the property early, then it better to go for a short term mortgage. If you're looking for a security as a first time home buyer, then it will be better to go for a long term mortgage.
Take care.